FRA and Supreme Council for Media Sign Cooperation Protocol to Strengthen Oversight of Digital Platforms
The Financial Regulatory Authority (FRA) and the Supreme Council for Media Regulation have signed a cooperation protocol aimed at strengthening oversight of digital applications and platforms associated with Egypt’s non-banking financial markets.
The protocol was signed by Dr. Islam Azam, Chairman of the FRA, and Eng. Khaled Abdelaziz, Chairman of the Supreme Council for Media Regulation, at the Council’s headquarters in Maspero.
The agreement seeks to enhance coordination between the two institutions and establish mechanisms for monitoring digital applications and platforms that use names, logos, or commercial identities associated with entities operating in the non-banking financial sector, or that may imply affiliation with companies or entities regulated by the FRA.
Under the protocol, the Supreme Council for Media Regulation will notify the FRA and seek its prior technical opinion before licensing or allowing access to digital applications and platforms covered by the agreement.
The FRA will assess whether the name, branding, or activities of an application or platform conflict with the rights of licensed and regulated entities. The Authority will provide its technical opinion within 15 days of receiving the notification, before the Council makes its final decision.
The protocol also provides for the exchange of relevant information concerning digital applications and platforms, helping prevent users from being misled into believing that such platforms are licensed by, affiliated with, or supervised by the FRA or any of the entities and companies under its oversight.
The cooperation is expected to support institutional coordination, strengthen the integrity of the digital environment, protect the rights of licensed entities, and limit practices that could mislead users or undermine confidence in activities and services related to Egypt’s non-banking financial markets.